Fredrik Eklund, the star of Bravo's "Million Dollar Listing" and a leading broker in New York City, is great at sealing deals.

In his 10 years in business, Eklund has closed on more than $3.5 billion in real estate.

He was also named the No.1 real estate agent in New York City by The Real Deal in 2014. 

"For any deal to happen — especially a business transaction — the two sides need to get in a balance," Eklund advises in his book, "The Sell: The Secrets of Selling Anything to Anyone."

"My firsthand experience negotiating billions of dollars in deals has taught me what works and what doesn't," he writes.

Here are 10 tips Eklund outlines in "The Sell" on how to negotiate and seal any deal:

SEE ALSO: A financial planner outlines the 3 mindsets that dictate how you approach your money

1. Figure out the bottom line and use it to your advantage

According to Eklund, the bottom line is the "absolute worst deal you'd be willing to make" and should be an indicator of when to walk away before you invest your time and energy.

He writes:

The suggestion of walking away brings the negotiation to a screeching halt... My hope is that they will call me back or suggest another idea. If they do, my dance has paid off. If they don't, I walk from the room, leave the meeting, and consider another strategy to keep the negotiation from actually hitting the floor.

"I call it dancing close to the edge," he writes.

2. Don't give people what they want right away

"When I'm on a listing pitch, I never give my clients the price right there and then," Eklund writes. 

According to Eklund, making clients wait a few hours to get the price of a property gets them a little frustrated, making them want what he's selling even more, and puts him in control. It also accomplishes three other things. 

He writes: 

1. It has made them want it, and therefore me, my services, more.

2. It is in writing, which makes it more solid, and in our world more true, like there is nothing else really to discuss. Putting it in writing basically says, This is the price, and I'm not asking for your thoughts on it. 

And 3. Since it took so long, the impression is that there must be a lot of thought, knowledge, and research behind.

"As long as the waiting is whetting the appetite and not starving them to death, it strengthens your position," Eklund writes.

3. Negotiate in person 

People are more connected to their phones and computers than ever, making it hard to even get them to meet in person. But it will be more effective when you do. 

"A great negotiator, when needed, uses his emotions, family, heritage, spirituality, body language, fashion, sexuality, humor, and everything else in between to win, to make a deal happen," Eklund writes.

However, if the phone is your only option, Eklund highlights the importance of having an agenda, knowing what you want out of the call before making it, and using few words.  

Fredrik Eklund, the star of Bravo's "Million Dollar Listing" and a leading broker in New York City, is great at sealing deals.

In his 10 years in business, Eklund has closed on more than $3.5 billion in real estate.

He was also named the No.1 real estate agent in New York City by The Real Deal in 2014. 

"For any deal to happen — especially a business transaction — the two sides need to get in a balance," Eklund advises in his book, "The Sell: The Secrets of Selling Anything to Anyone."

"My firsthand experience negotiating billions of dollars in deals has taught me what works and what doesn't," he writes.

Here are 10 tips Eklund outlines in "The Sell" on how to negotiate and seal any deal:

SEE ALSO: A financial planner outlines the 3 mindsets that dictate how you approach your money

1. Figure out the bottom line and use it to your advantage

According to Eklund, the bottom line is the "absolute worst deal you'd be willing to make" and should be an indicator of when to walk away before you invest your time and energy.

He writes:

The suggestion of walking away brings the negotiation to a screeching halt... My hope is that they will call me back or suggest another idea. If they do, my dance has paid off. If they don't, I walk from the room, leave the meeting, and consider another strategy to keep the negotiation from actually hitting the floor.

"I call it dancing close to the edge," he writes.

2. Don't give people what they want right away

"When I'm on a listing pitch, I never give my clients the price right there and then," Eklund writes. 

According to Eklund, making clients wait a few hours to get the price of a property gets them a little frustrated, making them want what he's selling even more, and puts him in control. It also accomplishes three other things. 

He writes: 

1. It has made them want it, and therefore me, my services, more.

2. It is in writing, which makes it more solid, and in our world more true, like there is nothing else really to discuss. Putting it in writing basically says, This is the price, and I'm not asking for your thoughts on it. 

And 3. Since it took so long, the impression is that there must be a lot of thought, knowledge, and research behind.

"As long as the waiting is whetting the appetite and not starving them to death, it strengthens your position," Eklund writes.

3. Negotiate in person 

People are more connected to their phones and computers than ever, making it hard to even get them to meet in person. But it will be more effective when you do. 

"A great negotiator, when needed, uses his emotions, family, heritage, spirituality, body language, fashion, sexuality, humor, and everything else in between to win, to make a deal happen," Eklund writes.

However, if the phone is your only option, Eklund highlights the importance of having an agenda, knowing what you want out of the call before making it, and using few words.  

A millennial herself, Boston-based real estate agent Dana Bull understands the proclivities of many of today's first-time homebuyers.

The 27-year-old bought her first property — a condo in Salem, Massachusetts — with her now-husband five years ago. They discovered at the time that it was actually more affordable to buy, in terms of monthly payments, than it was to rent, Bull told Business Insider.

But eventually, the pair decided to move to Boston and rented out their condo to tenants. Soon, that passive income was enough to cover their $3,600 rent in Boston, and they became amazed by the pay off in real estate investing.

Today, they own six homes and 18 apartments in Boston and the North Shore.

But Bull, who left her job as a marketing consultant over a year ago to become a realtor, recognizes that buying a home for the first time — whether to live in or rent out — can seem intimidating.

"[Young people] are very fearful of making the wrong step and I do think that, in general, there's this fear of growing up, of making these big decisions, because it means you are officially an adult. And it's not that scary," said Bull, now a realtor with Sotheby's International.

One way to reduce the intimidation of shopping for your first home is to narrow your focus. Bull said a common mistake she sees among millennials is getting distracted by the small stuff.

"I try to educate my buyers that it's not about the stainless steel, it's not about the granite or marble countertops, you would be surprised at how affordable some of those finishes are to put in," she said.

Instead, Bull says, you should really be looking at the "infrastructure and big-ticket items ... [like] roofs, plumbing, electrical," especially in areas with older, historic properties, like Boston.

"[I'm] kind of training my buyers' eyes on craftsmanship quality and what certain things cost," she said. "For new buyers, they have no idea what a new countertop costs. So it's kind of this whole educational experience of, 'You know, that's a lot cheaper than having to replace your heating system.'"

In the end, you'll get better bang for your buck if you're buying a property based on its bones rather than its flourishes.

SEE ALSO: The 15 best US states for first-time homebuyers

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Dana Bull and her husband bought their first home, a condo in Salem, Massachusetts, just nine months after graduating college.

But after deciding they wanted to be in Boston instead, where most of their friends were living at the time, they rented out the condo and used the income to cover rent and expenses in the city.

"[I]n our first two months of being landlords we had a mouse problem and one of the guys put a shot glass down the disposal, so we had our first taste of it [then]," Bull, now a realtor with Sotheby's International, told Business Insider.

"But ultimately, we were like 'You know, it's frustrating to have to deal with the maintenance and have this whole other thing that we have to worry about ... but it's a lot easier than our full-time jobs, which are extremely time-consuming and stressful ... so we started thinking, 'Hey, maybe there's something here,' and that was really where it all started."

Today, the couple earns passive income from their six homes and 18 apartments in Boston and the North Shore.

Despite working in one of the most expensive rental markets in the world, Bull says there are four important things every investor should consider in a rental property, regardless of location.

1. Projected income

If you're getting into real estate investing, you're probably hoping to get a nice return. But at the bare minimum, you want to cover that monthly mortgage payment. So how much rent should you plan on charging? Bull says she always goes by the 1% rule.

"Basically ... if you are buying a property for $400,000, your hope is to ultimately be able to get $4,000 a month in rent. So that's where you get that 1%. You're buying for $400,000 and your monthly income is $4,000," she said.

In some parts of the country, where property is less expensive and rents are higher, she says you may want to go by the 2% rule.

2. Current tenant situation

One of the first things to take note of at a potential investment property is the tenant situation. You don't want buy on a whim and get stuck in a nightmarish situation.

"What's going on ... Are they tenant at will? Are they under market? Do they pay? Get some clarity around that," she said. "Some of these properties, they get really bad in terms of hoarders and just mis-managed, bad situations. So try to wrap your head around what's going on there."

3. Overall condition

"It's impossible to find a perfect property," Bull says, so be aware of what needs fixing and whether you're prepared to shell out the money and time to get it done.

"A new roof? OK it's expensive, but it's not hard to do. It can be done in a matter of a week or two," she said. "Re-plumbing an entire house? That's a different story."

4. Utilities

If you're looking at multifamily property, like an apartment building or a duplex, you'll need to find out if the utility systems, like water and electric, are separate for each unit or lumped into one, she said.

You're in the clear if the systems are separate, but if they're not, then you'll likely have to pay to separate them or foot the bill every month for the whole building.

SEE ALSO: An HGTV star who's invested in over 100 properties explains how to tell if a fixer-upper is a great deal — or a money pit

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You could call it a happy accident: At just 23 years old, Dana Bull and her now-husband became landlords when they rented out their newly purchased condo in Salem, Massachusetts. They had relocated to Boston and needed extra cash to cover their living expenses.

Despite experiencing some early mishaps as landlords, including a mouse problem, Bull, now 27 and a realtor with Sotheby's International, says they quickly uncovered a passion for real estate investing.

"[U]ltimately, we were like 'You know, it's frustrating to have to deal with the maintenance and have this whole other thing that we have to worry about ... but it's a lot easier than our full-time jobs, which are extremely time-consuming and stressful," she told Business Insider.

Today, the couple earns passive income from six homes and 18 apartments they own in Boston and the North Shore. Bull says they've never had a vacancy in five years.

Her favorite strategy for maximizing return on investment in real estate, she says, is buying a "multifamily," like a duplex or apartment building with several rental units.

"I call it the triple-headed monster," she said. "You have cash flow in the short-term, appreciation in the long-term for building wealth over 15 or 20 years, and then ... ways to force appreciation if you need to get out."

To maximize long-term appreciation, Bull suggests the "condo conversion story," a strategy that involves buying a multifamily apartment building and then down the road turning the units into condos and selling them off individually.

"So the idea is, you buy the building for a little bit of a discount, and then eventually you're able to sell for top dollar," Bull said. 

And if you get into a bind and can't afford to stick around, Bull suggests making "affordable but thoughtful upgrades to the property to unlock value" before you sell — think fresh paint, new countertops, and refacing cabinets.

"I think it's really important at any age, but especially when you're young, to keep your options open [for earning money] — and have different escape routes if need be," she said.

SEE ALSO: A 27-year-old realtor who owns 8 rental properties reveals her best tip for becoming a real estate investor

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So you've decided to buy a home — congratulations! The first step? Linking up with a real estate agent. Ideally, it's someone who can get you a good deal on your dream home and make the process enjoyable.

"People want to find an agent or broker who's honest and trustworthy, because it's likely the largest purchase they're going to make in their life," Jessica Lautz, managing director of survey research and communications at the National Association of Realtors (NAR), told Business Insider.

Below, Lautz shares four important tips for finding the perfect real estate agent.

1. Narrow down the neighborhood(s) you want to live in

Knowing what part of town you want to live in can help immensely with your agent search, and ultimately, your home search, Lautz says. The more specific you can be in what you're looking for, the better chance you have of finding someone whose experience in a particular market aligns with your desires.

2. Ask friends or family for referrals

According to NAR's 2016 Profile of Homebuyers and Sellers report, 42% of buyers used an agent referred to them by friends, neighbors, or relatives. For first-time buyers specifically, 52% relied on referrals.

Lautz says a referral from someone you trust can go a long way and eliminate time spent vetting someone on your own.

3. Figure out their level of experience

If you're considering an agent who was referred to you, you can easily vet their experience and reputation by asking their previous client about the pros and cons of working with them. For first-time homebuyers, Lautz said, it's a good idea to find someone who is willing to "show you the ropes," since the homebuying process can be complicated and overwhelming at times.

An agent should also be thorough, she said. "Make sure there is someone with you who can see the big things — like, the kitchen is nice, but maybe the roof is leaking," Lautz said. In other words, you want to make sure your agent is detailed and upstanding, not simply trying to close the deal or take advantage of your inexperience.

4. Determine whether they're a realtor

Of course, you'll want an agent who's working in your best interest. "Many agents pride themselves on being community experts, posting on blogs and on social media," Lautz said.

While that's one way to assess their standing in the industry, she continued, the best way to determine whether an agent is on your side is to ask if they're whether they belong to the National Association of Realtors, the largest group of real estate professionals in the country with more than 1.2 million members. Agents who belong to NAR have "realtor" status and are bound by a code of ethics, says Lautz.

SEE ALSO: 7 pieces of homebuying advice you can't afford to ignore

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• If you're planning to sell or buy a home, there are some key things you should know before hiring a real estate agent.
• You don't always need a real estate agent to sell your home, but if you do hire one, commission is usually negotiable.
• Big agencies aren't always better — sometimes the smaller ones are more likely to negotiate and provide better customer service.
• You should also know that inspectors might not tell you everything about the home you're interested in buying.

In 2016, close to 5.5 million homes — including single-family dwellings, townhouses, and condos — were sold across the country. In nearly 90% of those transactions, the buyer, the seller, or both used a real estate agent. In fact, just 8% of the houses sold in 2016 were for sale by owner (FSBO).  

So if you're planning a move, you're probably also planning to hire a real estate agent. Before you do, there are a few key things you need to know that agents may not want to tell you. 

1. You don't need to hire a real estate agent to sell your house

If you're willing to research pricing and can take great pictures, you can have great success selling your home yourself. If the housing market is hot, you may not even have to do anything other than invest in a "for sale" sign and sort through the offers that come flooding in. 

For most FSBO listings, you'll need to get your house onto the Multiple Listing Service (MLS), which is the big database buyers and agents use to find homes for sale. Flat-fee services such as FSBO or US Realty allow you to get your house listed on the MLS without a real estate agent, but you'll need to offer a commission for the buyer's agents. 

If you're selling a house yourself, know what it's worth. Underpricing it means leaving money on the table, but a home priced too high may never sell. Even if you lower the price later, you won't reach as many potential buyers, since you'll miss that new-home buzz. 

2. You can avoid a commission if you bring your own buyer

So you're signing your contract with a seller's agent tomorrow, and your neighbor's friend or cousin's boss has already taken a look at the place. Once you sign the contract, if the boss makes an offer, you'll have to go through your agent, right?

Not so fast. Before you sign with the agent, disclose in writing any legitimate potential buyers who've already expressed interest. If a disclosed buyer decides to complete the purchase, you don't have to go through the broker — or pay the broker's commission. 

3. Commission is almost always negotiable

Sellers pay commissions to both their own agent and the buyer's agent. The accepted industry standard is a 6% commission, split between the two agents. But just because each agent wants 3% doesn't mean each should get it. In fact, more than 80% of sales are closed without the seller's paying 6% in today's marketplace.

When hiring an agent to sell your home, you may be able to negotiate a lower fee just by asking, especially if you're willing to use the same agent both to sell your current home and to buy your next one. Negotiating is often easier on higher-priced homes. And if Redfin is in your market, it offers an effective 4.5% commission and rebates part of the commission to buyers. 

Sellers should have a discussion about commission before signing a contract and should let a preferred agent know if a better deal is on offer to see if the agent will match it. If a buyer is interested in a home but the buyer and seller are a few thousand dollars apart on price, agents involved in the transaction may also be willing to discount their commission to make a deal. 

4. That open house — it's not for you

You know the open house you spent all day cleaning for so your house would be pristine? It probably didn't make any difference in attracting buyers or selling your home.

Just 9% of buyers in 2014 found the homes they purchased through a yard sign or open house, and this number is declining as more buyers turn to the internet to find homes. 

So why do agents host open houses? Most of the time, visitors consist of neighbors or people casually looking. Real estate agents can hand out their cards and drum up new business for themselves, using your house as the backdrop for their own marketing efforts. 

5. Small agencies can be just as good as big ones

Big real estate agencies have brand recognition and substantial marketing budgets, but that doesn't necessarily mean they're the best or only option.

Big agencies are typically less willing to negotiate on commission than small ones, and agents may get a smaller share of commission, giving them less incentive to work hard to sell for the highest price. Agents at big agencies may also be under a lot of pressure to meet sales goals, which means they may be stretched too thin to give your home the attention it deserves. 

A smaller boutique agency sometimes provides better customer service — and the internet has leveled the playing field so that many small agents can market your home just as effectively as big ones. The key is to not be blinded by brand names and to interview several agents to find one you feel good about — but also to make sure any agent from a small brokerage is a qualified full-time real estate agent if you go that route. 

Seven in 10 buyers and and 74% of sellers only contacted one agent about their transaction in 2016, which means the majority may have missed out on finding an agent who was the perfect fit. Interview agents from brokers big and small, and compare marketing plans to find the best agent for you. 

6. Your home inspector might not tell you everything

Most homebuyers rightly insist on a pre-sale examination by a licensed home inspector of any house they're looking to buy. However, the Internet is full of inspectors claiming they've been pressured by agents not to be too thorough in the inspection process.  

Many inspectors learn quickly that if they want to be hired, they can't afford to alarm buyers by listing every problem. Worse, some unscrupulous agents may partner with inspectors they know will overlook big problems and raise only little issues.  

If you're buying a home, research independently to find a highly rated inspector whom you can count on to bring up termite problems, that speck of mold in the attic, or other serious issues that could affect your desire to buy. 

7. The contract you're signing has some fine print

Real estate brokers generally provide the contracts for buyers and sellers involved in a transaction. If your contract is coming from your broker, look carefully for a disclaimer of promises. This disclaimer may state that you're going through with the sale as a buyer without any reliance on verbal statements from real estate agents or sellers. Of course, in reality, you have little else to rely on. 

To make sure your contract doesn't involve a waiver of rights — and that it contains clauses to protect you — consider hiring a lawyer to look over the agreement. Your home is probably your biggest investment, so paying a small fee to ensure a fair contract is worth it. 

8. Getting the best price may not always be the top goal

Real estate agents get paid more if your house sells for more, so they'll work hard to get the best price — right?

Maybe. But if an agent can sell your home in a month at a lower price point and move on to the next transaction, it may not be worth his or her effort to spend a few extra months on marketing and showings just to boost your bottom line. Agents may also prefer higher volume, even at the expense of price, because of the risk that transactions could fall apart. 

Agents may even behave unscrupulously by bringing you an offer from an unrepresented buyer and "forgetting" a competitive bid that came in from a buyer's agent. While an agent could lose his or her license for such a misdeed, discovering the unreported offer can be difficult and there are agents willing to take the risk if they can double their commission. 

9. Buyers and sellers can check for misconduct

Real estate agents must be licensed and should provide their license number. You should check with the state to determine if an agent has been disciplined for any misconduct. 

In New York, for example, there's a searchable online database where you can input an agent's license number, or search by name, city, or county. Most states have similar search features, and you should absolutely check the record of any agent you're thinking about hiring. Choosing an agent without a record means reducing the chances of bad advice — or of a problem like an agent who doesn't bring all your offers.

Find the right agent — if you plan to hire one at all

While real estate agents undoubtedly have industry secrets, that doesn't mean all agents are bad. FSBO homes tend to sell more quickly, but they often sell at lower prices than homes sold with an agent's help.  

To decide if you need an agent, consider whether you're willing to put in the extra time and effort to research prices, list or find homes yourself, and figure out how to close the transaction without professional help.

If you're not eager to navigate the world of FSBO real estate transactions on your own, research your agent carefully to find someone who will look out for your interests in one of the biggest transactions of your lifetime. 

SEE ALSO: 5 things I wish I'd known in my 20s before owning a house and having kids

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• Dana Bull is a realtor and real estate investor based in Massachusetts.
• She aims to help homebuyers make smart, strategic purchases.
• Bull advises first-time buyers to build a team of experts, scrutinize their finances, and remain in control throughout the process.

Buying a home or investing in real estate is one of the most expensive and life-altering decisions most people make.

Since it's not a topic that's heavily touched upon in school, most people end up "winging it" and learning on the fly their first time around.

Sure, that's one way to approach it. A better way is to get familiar with important concepts and practices that can help you make sound buying decisions and avoid costly mistakes.

As a real estate agent, investor, and coach, I've been through countless transactions with clients. My goal is always to provide a framework for buyers to make smart, strategic purchases.

Here are my eight best pieces of advice for first-time buyers:

1. Get educated on the homebuying process

No matter how you slice it, buying a house is a complex process. There are a lot of moving parts — from submitting an offer and obtaining a mortgage to securing homeowners insurance and closing on the property.

More often than not, I see first-time buyers jump into it all without understanding the process at a high level. While no one expects you to know all of the ins and outs, it's beneficial to be aware of the major milestones and key players involved in a transaction.

2. Develop a real estate plan

I've seen people spend more time mapping out their weekly meal plans than their real estate objectives. Buying a piece of property impacts many aspects of your future and it's worth taking the time to investigate loan programs and neighborhoods, and to learn about the full spectrum of housing options.

Do you love post it notes, folders, and to-do lists? If you're an organized person who likes to plan, now is your time to shine. Having a high-level roadmap gives you direction and keeps you focused on your goals. It always helps to write down what you want to accomplish, the steps it will take to get there, and to come up with a realistic timeline to make it all happen.

3. Vet and hire experts

As a buyer, you are only as strong as your weakest link and you want to build a winning team of experts to guide and advocate on your behalf.

I would estimate that some of my real estate transactions have over 100 people involved. A lot are administrative personnel working behind the scenes, but a few are heavy hitters — there are realtors, loan officers, attorneys, escrow and title agents, just to name a few.

Note: just because your friend has a real estate license and makes you laugh at brunch, doesn't mean she should be advising you in one of the biggest financial and emotional decisions to date. Build your team wisely.

4. Explore your housing options

A single-family home is still the American dream for many of us. But, it's not your only option. It's worth considering other housing types, like a condo/townhouse or a multi-family property. There are significant differences in these home styles and unless you weigh out the pros and cons, you may miss a golden opportunity.

5. Scrutinize your finances

Trying to keep up with the Joneses is a real thing in our culture. It's not uncommon for people, and especially young buyers, to stretch beyond their financial means in order to purchase a home. This can become a slippery slope. There's no need to set yourself up for failure and unnecessary stress by putting yourself in a position where it's going to be hard to make ends meet.

Even though a bank may pre-approve you for a high loan amount, it doesn't mean you need to max out your budget. By carefully scrutinizing your expenses, you may realize that you should be both spending and borrowing less.

6. Focus on value as much as location

We've all heard the expression that real estate is all about "location, location, location." I couldn't agree more that the geographical area where you buy has a huge impact on your lifestyle and your investing strategy, but I would also argue that finding a good value for your dollar is just as important.

The biggest mistake I see home shoppers make is getting distracted by shiny objects, like stainless steel appliances and quartz countertops. Don't buy a house because it has nice barn doors. You can add these trendy décor accents into a space. Instead, you want to analyze the things that you can't easily change — overall square footage, the plot the house sits on, and the neighborhood.

Don't forget to take a deeper look and assess the big ticket items like roofs, plumbing, electrical. Although not nearly as sexy as a dual shower head, this is where your money is actually going.

7. Advocate for yourself

Caveat emptor — meaning "buyer beware"— was once a popular term used in the real estate industry to stress that the buyer alone is responsible for checking the quality and suitability of a home before the purchase is made. Over the years, laws have tightened up to protect consumers. Naturally, this makes it easier to point blame when things go wrong. Trust me, in my earlier days investing in real estate I was guilty of this myself. The blame game isn't good for anyone and having that mindset is useless.

Know that as a buyer, you are your best advocate and you are accountable for the decisions that you make. Do your research and take advantage of your due diligence period to ensure you are confident in your real estate endeavors.

8. Remember: You are in control

In this crazy hot market, it's easy to get carried away in the drama of multi-bidding wars and spending more than you can afford. There's no doubt that you have to be aggressive and proactive these days, but not to the point of losing control. Remember, you are in the driver's seat.

Having a plan, knowing the process, building a good team, analyzing your finances, and doing your research will help during times of chaos.

SEE ALSO: A 27-year-old realtor who owns 8 rental properties reveals her best tip for becoming a real estate investor

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• Ryan Hardy is a real estate agent with Gold Coast Realty in Chicago.
• Hardy works with first-time homebuyers as well as successful CEOs and professional athletes.
• His best advice for first-time buyers includes finding a reliable realtor and trusting your instincts. 

As a millennial myself, I understand the allure of renting. The freedom to pick up and move at a moments notice, limited responsibilities, and delaying the feeling of adulthood. However, your nomadic and carefree lifestyle does have its downsides.

Besides the pride of ownership and sense of belonging to your community, there are also more tangible, financial, and tax benefits to owning a home. Like your rent payments, interest rates will most likely keep going up.

With today's low interest rates you have significantly more buying power than you might in the future. With a fixed mortgage you can essentially lock in your housing costs for as long as you own the home.

Homeownership is also a form of forced savings, allowing you to build equity and net worth. And while there are no guarantees, in the long run it's probably a better investment than your bitcoin.

If you decide to take the plunge into homeownership, here are my eight best pieces of advice:

1. Use a realtor

Yes, I am a realtor, but that's not why I recommend it. This is a huge financial decision and it helps to have a professional advising and assisting you along the way. You can gain a lot of great information from the internet, but it does not equate to market experience. I've been involved in hundreds of transactions and I still learn something new from almost every deal. If you decide to go it alone, do not expect to stick the landing on your first attempt. The mistakes can be costly.

An experienced realtor knows the questions to ask and the things to look for. They have access to valuable pricing information and should also have a seasoned team of home inspectors, lenders, and attorneys that you can rely on.

As a buyer, your agent should be more of a consultant than a salesperson. You should not feel like your realtor is trying to sell you on anything. Their role is to facilitate, lookout for your best interests and make sure you are well informed.

2. Pick the right realtor

When choosing a realtor it's OK to ask your friends and family for referrals, but make sure you are asking the follow up questions. Did you work with them personally? How much experience do they have? Are they familiar with your area and price point? Did they do a good job?

The real estate profession has relatively few barriers to entry. The result is many part-time and inexperienced realtors who may have great intentions, but don't know what they are doing. Dig a little deeper into any realtors you are referred to. Just because you run in the same social circles, doesn't mean they are the best person for the job. Just like any industry, there are good ones and there are bad ones. The right realtor can make the the experience much smoother and eliminate buyer's remorse after you close.

3. Make a list, but be flexible

Write down the features that you want in a new home. Locations, bedroom count, fireplace — anything you can think of. Then differentiate between features you need and features you want. After you begin to view homes in person, revisit your list and re-prioritize based on what you are seeing in the market.

In order to get the square footage you want, should you change locations? To get a great view of the skyline, can you sacrifice the third bedroom? Buying a home is a process and from start to finish and your list will evolve.

4. Train your eyes to see what matters

Unless you are purchasing a furnished home, it comes empty. Don't let great interior design, an awesome artwork collection or the smell of fresh baked cookies distract you — they are not included. After closing, the home will be empty when you walk in.

What you should pay attention to: Room sizes, views, floor plans, and kitchen and bath upgrades. These are the things you are purchasing. Designing, furnishing, and making the home fit your style is the fun part and you'll have plenty of time for that later.

5. Be patient

Part of being patient is starting your home search early enough so that you can afford be picky. Start talking to realtors and looking at homes at least three to four months months before you need to move. You will not make the best decisions if you're up against a hard deadline, such as an expiring lease or the start of a new job.

Being patient also lets you familiarize yourself with the market and enables you to recognize a great value when you see it. Get to know different neighborhoods, condo buildings, or streets that interest you. Have your realtor show you as many homes as it takes to feel comfortable.

6. Trust your instincts

Once you feel comfortable with your local market and you have seen enough homes to have established a baseline, you are in a good position to start making offers. If a home seems to be everything you are looking for, it probably is. Don't second guess yourself.

The best and most successful offers are ones that can be backed up with facts and data. Most of the time, homes sell for the price they are worth when compared to recent sales in the building or neighborhood. Have your realtor send you recently closed listings for nearby homes. From those listings find sales that you feel are relevant and submit your offer referencing those homes. The goal is to make a compelling and informed argument for a lower price.

PRO TIP: Asked to be CC'd or BCC'd on your realtor's email when he/she submits the offer and explains your reasoning for the price. This will ensure that your realtor puts the proper time and effort into making your case.

7. Resist the fear of missing out

You visit a great home, but decide not to make an offer because even though you are very familiar with the market, you hope there might be something even better coming. Meanwhile, another buyer purchases the home and that's when you realize how great it was. This scenario plays out all the time and it can leave you reeling, chasing the thought of the one that got away. FOMO can lead to regret.

8. Don't obsess over the one that got away

It wasn't meant to be. That was someone else's home and yours is coming soon. Again, buying a home is a process and and even though watching one get away can be a huge bummer, it's sometimes a necessary milestone.

Maybe you weren't fast enough or you underestimated the demand. Whatever the reason, when the next great house comes along you are now primed and ready to strike.

Ryan Hardy is a real estate agent with Gold Coast Realty in Chicago focusing on luxury homes and condos in the downtown area. Hardy is a three-time recipient of the Top Residential Producer Award from the Chicago Association of Realtors.

SEE ALSO: Owning a $1 million home is no longer considered a luxury in America

DON'T MISS: The 15 American cities where competition to buy a home is fiercest

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Update (4/9/14): A representative for Douglas Elliman let us know that the sale was handled by Emma Hao of Douglas Elliman, not Nestseekers' Ryan Serhant, who released an updated statement saying he "advised" Hao on the deal. 

You can read the full update to this story at The Real Deal.

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Barbara Corcoran built her fortune in real estate. Here, she tells us what makes a great salesperson.

The "Shark Tank" investor also reveals what her pitch would have been if she were seeking financing on the hit show.

Produced by Justin Gmoser. Originally published in November 2013.

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Editor's note: On Monday, Zillow agreed to purchase Trulia for $3.5 billion in stock. This recent column nailed the significance of the deal.

If Zillow and Trulia join forces, could they take over the industry?

The real-estate selling industry will need to concede, either formally or informally.

Informally, we have already given up.

We are not a union and there is no real leadership among realtors. We are independent contractors spread all over the map, literally and figuratively, so trying to get us to rally for the cause will be met with indifference.

Many of us already think Zillow could be a big improvement for the business.

Let them spend the big money of advertising. We’ll contribute our share in exchange for specialized leads — consumers drawn to our own listings or those looking for a local expert in our target areas.

How will it evolve?

The Next Phase

1. Realtor.com-Move Inc. makes a wimpy attempt to compete by spending half of the advertising money being spent by Zillow-Trulia to attack their inaccuracies (campaign currently underway). If you want a chuckle, here’s an example:

2. Corporate real-estate companies join forces with Zillow (also underway).

3. Local MLS companies do nothing.

Zillow and Trulia will continue to dominate the headlines for the next few months, and Realtor.com will be forgotten by consumers.

The local MLS systems don’t have to die — they just need to be irrelevant or a duplicate. Our local Sandicor MLS is faster and more accurate than the listings on Zillow, but does the consumer really NEED listings updated every 10 to 15 minutes? Realtors might, but not the consumers — they are on auto-notifications and will get the new listings soon enough (the frenzy is over, reducing the need for speed).

Can we all coexist? Yes, but Zillow has shown a killer instinct and has loads of VC money behind it. I think they will pursue all angles — and here’s the one that will divide and conquer the realtor community.

The Kill Shot

Previous attempts by Realtor.com and Redfin to produce an agent-rating or -ranking site was met with vigorous opposition from realtors. Why? Because most realtors don’t want their sales history out in the open.

But the successful and powerful agents stand to benefit greatly — the same ones who can and will pay Zillow the big money for advertising.

It is a natural fit for Zillow to buddy up to the top producers and get them to help promote their new agent-ranking site.

The cabal will be shattered.

The local associations of realtors and the MLS companies who have feasted on having realtors paying dues regardless of production will suffer — and should die off completely if 20% of the realtors are doing 80% of the business. They can’t survive an 80% reduction in dues.

When consumers see that their agent-friend down the street hasn’t sold a house in six months – they will hesitate. The Zillow advertising will encourage you to select one of their top producers instead (the ones paying for advertising).

It should clear out the realtor population within a year or two, and turn upside down the local associations, MLS companies, and the top-heavy big corporations who own real estate franchises.

Realtors won’t really need a brand — Zillow will be the brand.

With Zillow-Trulia getting all the eyeballs, and realtors on the receiving end of those leads, Z-T would be smart to cater to the top producers. The momentum would shift rapidly as success stories appear on Zillow ads too.

I’ve been paying about $500 a month to each of the three portals.

Realtor.com: no calls or leads.

Trulia.com: unqualified leads.

Zillow.com: Listings get high traffic early, and I get calls looking for an agent in the area. It’s the kind of results that realtors want, and I’m already convinced that I can reach the consumers and sell homes using Zillow only.

The future is here, but I’m not sure it will get cheaper.

Yesterday, a Zillow rep called to offer me some exposure in another local ZIP code that was about the same as I already have. I pay $550 a month now, and the new but similar package offered $850 a month.

Zillow might keep the cost of commissions right where they are.

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Having it all isn't easy, but Lisa Song Sutton, the current Miss Nevada United States, comes pretty close.

So far, Sutton has succeeded in being a model, a business executive, a Sotheby's real estate broker, a volunteer, and an entrepreneur with two thriving businesses. 

"I appreciate the diversity of all the different aspects of my life. I'm not doing the same work or dealing with the same topics seven days a week," Sutton said in an interview with Business Insider. "I can have varied items going on in my schedule, even just in a 24-hour timeframe." 

Sutton's busy lifestyle began during childhood. She was born in South Korea and moved to Arizona when she was about five. When she was young, she was very involved in extracurriculars ranging from tap dance class to flute lessons. Through these activities, she learned that she loved to perform.

"I've always had an outgoing, gregarious personality from a young age. So when I was six or seven, I wanted to be a singer, and an actress, and a model, and do something that incorporated the fine arts and being out in the spotlight," Sutton said.

However, during high school, she excelled at academics—especially reading and writing. She said her AP English teacher suggested she consider a route that utilized these skills, so she eventually decided to pursue law. She currently holds a degree in political science from the University of Arizona and a degree in law from the University of Miami.

Law, Entrepreneurship, and Charity

After graduation, Sutton moved to Las Vegas and worked as vice president of human resources at Atkinson & Associates P.C., a top law firm in the city. Today, she is vice president of business development for SSK Holdings, Inc.

Despite her busy schedule working as an associate for a law firm, Sutton found time to pursue her first entrepreneurial venture: Sin City Cupcakes, a business that sells alcohol-infused cupcakes. Sutton created the business in 2012 with her friend, Dannielle Cole, who was living in Florida at the time. Cole told Sutton that she was making alcohol-infused cupcakes for parties and events. 

"She told me about how they're really popular, and it got the wheels turning, especially because Vegas is a destination city," Sutton said. "When people come here, it's for a special occasion; it's an event, it's someone's birthday, it's someone's bachelorette party. So I was like, gosh, that would be so perfect for a place like this."

Sutton asked Cole if she would consider moving to Las Vegas to start Sin City Cupcakes with her. Cole took a leap of faith and moved there to help start the business. Sin City Cupcakes is now the number one alcohol-infused cupcake company in Las Vegas.

"It's a lot of fun, because think about it: when you're a consumer purchasing cupcakes, especially alcoholic cupcakes, you're doing it for some celebratory reason. You're in a good mood," Sutton said.

Sutton said there's been interest in expanding Sin City Cupcakes beyond Las Vegas, but their goal for the next year is to really work on growing the business in the city and make it a flagship location.

Sutton also recently launched Liquid & Lace, a swimsuit company that has partnered with charities to provide donations of goods after a portion of swimsuits are sold.  

"It's almost like a Toms kind of idea, where we're actually donating tangible goods instead of just a shady portion of proceeds where no one knows how much we're actually giving," Sutton said.

One of the charities that partners with Liquid & Lace is the Fundamental Elements Foundation, which Sutton works with on the board of directors. The organization works to promote women empowerment through mind, body, and spirit. Sutton's work with the organization served as her platform in the Miss Nevada United States pageant.

Modeling in Print and Pageants

Sutton began modeling when she was 19, but said the process of landing shoots was different than it is today.

"This was right before Facebook came out, and obviously way before Instagram. So my point with that is, social media—and photos of women on social media—wasn't at the level that it's at now," Sutton said. "I was still part of a generation of models that found more traditional routes of working and of being discovered."

Sutton's modeling career really kicked off while she was studying in Miami.

"Living in Miami, I was one of three Asian models. There are so many beautiful girls down in south Florida, but you have the whole spectrum except Asians," Sutton said. "That's just how it was at the time. Had I moved to LA to go to school, my modeling career probably would have taken a completely different path."

Sutton said that with her height and look, she was eligible to do a lot of print work. Most major publications do shoots in southern Florida because of the beautiful scenery and weather, so Sutton had a lot of work. She's been featured in more than 70 publications, including Sports Illustrated, GQ, MAXIM, and Macy's swimwear advertisements.

Sutton feels very lucky to have landed such incredible shoots, especially because she is shorter than 5'10, which is unusual for models. "It's a combination of having sort of lucky genetics with being in the right place at the right time," she said.

Last November, Sutton was named Miss Las Vegas United States, and this past May she received the title of Miss Nevada United States. In June, she won the Fashion Hero runway competition at the Miss United States pageant. 

"I met so many accomplished women. It was really inspiring being around this really great group of ladies who are all obviously beautiful and talented, but who also give back to their communities and are actually really nice people," Sutton said of the pageant experience.

She said she's excited to take the efforts she made in the community as Miss Las Vegas and bump them up to a statewide scale.

Along with holding the Miss Nevada United States title, Sutton is also a model with the prestigious Wilhelmina modeling agency.

Dabbling in Real Estate

Sutton's family has a history in the commercial real estate industry, but she didn't really take an interest in the business until she moved to Las Vegas. She said she already had her real estate license, so she decided to interview with Synergy Sotheby's International Real Estate and was able to secure a job.

Since this is her first job as a real estate agent, she is partnering with her friend Deven Chase, who has many years of experience in the field. So far, she's been able to bring in clientele from the networks of people she's met in both the legal world and the modeling world. Sutton and Chase currently have the listing for the most expensive home on the market in Las Vegas.

"I'm really lucky to be paired up with an agent that has years of experience, and also to have the people at Sotheby's behind me. Sotheby's is just a great institution, and I'm here to learn as well as utilize its resources and support my clients," Sutton said.

Sutton Outside of Work

In what little spare time she has, Sutton says spending time with family and friends is at the top of her to-do list. After all, part of the reason she moved to Las Vegas from Miami was to be closer to her family in Arizona. She also enjoys staying active by playing tennis and golf, and tries to spend a good amount of time outdoors.

She also loves to read. "I'm a big Stephen King fan. I also just got through the Game of Thrones novels, so now I'm jumping on to the TV series," Sutton said. "You have to read them, they're so, so good."

As for advice on how to be as successful as she is? Sutton says she knows it sounds cliche, but you need to believe in yourself first. 

"You have to put expectations on yourself and hold yourself to those expectations. Not because your mom said so, or because you have a friend who is doing better than you," Sutton said. "You have to put those expectations on yourself and believe that you can rise to the occasion, and sometimes you'll be pleasantly surprised that not only did you perform, but you exceeded your expectations."

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Only last June Alexander Chesterman, the founder of Zoopla, a property-search website, was the toast of the City. The portal had floated for just under £1 billion ($1.7 billion) after a mere six years in business. Today its future looks less rosy. A rival property website launched on January 26th, OnTheMarket, has pinched many of the estate agents who advertise on Zoopla. Mr Chesterman is aggrieved, calling OnTheMarket "regressive and restrictive", among other things.

OnTheMarket was set up by a consortium of old-fashioned bricks-and-mortar estate agents and is intended to wrest control of the property business back from aggregator websites such as Rightmove (the market leader) and Zoopla. Ian Springett, the boss of OnTheMarket, argues that he is helping the industry by breaking this duopoly. He charges agents less to advertise on his website, enabling them--in theory--to spend more on customer service.

Yet many argue that this is merely an attempt to entrench the old-fashioned practices of a fearful industry, to the detriment of the consumer. OnTheMarket insists that estate agents who list on its website can only put their properties on one other website. Many appear to be choosing Rightmove: Mr Springett reckons that about 90% of his new customers have come from Zoopla.

Paula Higgins of the HomeOwner's Alliance, a lobby group, says that from the customer's point of view this is "disappointing". Zoopla provides more information than the new website--for example, on a property's sales history.

Furthermore, OnTheMarket will not carry listings by online-only agents--upstarts who threaten the traditional agents, with their fleets of company cars and chains of glossy high-street offices. Indeed, even Rightmove and Zoopla (like OnTheMarket) are only property search sites that use the listings of the traditional agents. The websites that should really shake the market are those that allow a customer to find and buy a house in one go.

They exist, but their advance has been slow, perplexing many in the industry. Online-only estate agents have captured only 5% of the market. The traditional sort argue that this shows they provide a valuable service for their relatively high fees, which average about 1.7% of the asking price of a property.

But Stephen Purvis, head of OnBoard Pro, an online-only letting agency, contends that bricks-and-mortar agents just make the process longer and more expensive than it ought to be. The average time for a freehold sale, he says, is 12 weeks; if the price is agreed it should be five days. Mr Purvis claims he can arrange a letting in an hour.

This might be the year that the online-only business finally takes off, OnTheMarket notwithstanding. PurpleBricks, a service that launched last year, promises to do the whole property-selling process for a flat fee of £799. It is growing.

Michael Bruce, the company's boss, is recruiting local agents so that customers can still have the person-to-person contact that they crave, although most of the process will be online. EasyProperty, which currently only does lettings, will start selling property this year. Created by easyJet founder Sir Stelios Haji-Ioannou, easyProperty should have enough cash to test the old estate agents' model to destruction.

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One of the most painful parts of renting an apartment in New York is the broker’s fee—payable upfront, and in an amount usually running into the thousands of dollars, or between 12 and 15 percent of the annual rent.

To many newcomers to the city, and even to some veteran renters, this represents a substantial chunk of change, and they often leave the process wondering what the fee actually paid for, why it was so high, and whether they could have saved money in the process.

As a college student, I spent a summer working as a rental agent at one of New York’s biggest brokerages, where I learned about fees firsthand.

Here, my take on some of the most common questions New York renters have:

Why are broker’s fees so high?

The majority of the payment covers flaky customers. Only one out of every 10 people who responds to an ad and meets an agent will actually rent an apartment from that person—or at least, that's what they told us during training—which means that about 90 percent of the work an agent does is entirely unpaid.

Case in point, I met with one client three times this summer and showed him about 15 apartments, but he was dissatisfied with all of them. I finally found a place I thought was perfect. After two excited emails and three unreturned phone messages, I finally got him on the phone and shared the news, only to be informed that he’d signed a lease earlier that week. Oh. How nice of you to let me know.

Aside from that, almost all brokers in New York are independent contractors, not employees, meaning their sole income is that fee. The full cost of health and life insurance, retirement contributions, and vacation and sick days come out of their pockets, and they don't get overtime or bonuses. Brokers also have to pay for marketing expenses (mailings, ads on websites like NakedApartments), client gifts and courtesies (paying for a cab ride between apartments, for example), copies of keys, and other costs, all of which can easily add $50 a week to an agent’s expenses and often much more.

Where does my money go?

Let’s assume you’re renting an apartment for $3,500 a month. You write a check to a rental agency for 15 percent of a year’s rent, or $6,300. Here’s where it goes:

The landlord’s broker: If a building owner is working exclusively with a broker to market the apartment, that broker will get half the fee, or $3,150. (Yes, the landlord’s cost to advertise this rental is coming out of your pocket.) If, instead, this is an open listing—meaning that the landlord allows any agent to advertise the apartment—then 10 percent of the fee, or $630, will go to a person at your agent’s company who maintained the listing and arranged access to the apartment, often a veteran agent, manager or someone in the corporate office. Your broker will prefer this setup, as he'll get almost twice as much money (more on this in the next section), but the majority of my deals involved a landlord’s broker.

Your agent: From what’s left, your agent gets a cut depending on his “split” with the company. While it’s typically 50 percent, meaning he’d be entitled to $2,835 for an open listing or $1,575 for a listing with a landlord's broker (see above), some top-ranking agents earn a split of 60 percent or more, and some newbie agents earn less than 50 percent. (For example, at my firm, new agents started at a 35 percent split until they did six deals.)

The rental agency: Your broker’s company gets whatever’s left.

What should I expect to get for the fee?

Showing you apartments is a big part of the service you'll get. But a good broker will also:

• Gauge your priorities and tactfully discover what you're willing to forgo
• Educate you (and your guarantor, if necessary) about neighborhoods, market trends, potential trade-offs, and what to expect from the rental process
• Help you stand out from other applicants
• Communicate regularly and meaningfully
• Share insider knowledge on which buildings and blocks to avoid, which apartments look nice but would be nightmarish to live in, listings that haven't yet hit the market, and potential deals
• Represent your interests with the landlord, including actively negotiating rents, lease terms, move-in dates, and exceptions to rules (such as pet weight limits).

How do I get the best service for my money?

Since your fee is pegged to the rent, you'll pay the same amount for an experienced agent as an agent who doesn't know what she's doing. And as bad as it may sound, I put more effort toward a client looking to rent for $7,000 a month because I knew that closing that deal would net me the same as closing two or three smaller deals, with only about 1.5 times the effort.

But another major factor in the level of service is your own involvement in the process. If you strike me as a serious client with realistic expectations who is intent on working with me, you will be at the top of my list when a new apartment hits the market or there is a price drop. If you try to haggle the fee with me, ask to see nicer apartments that are also less expensive and better located, or otherwise give off a vibe that tells me you’re not going to rent anything with me anyway, I’m probably not going to put that much effort toward finding you a place.

On a related note, I would always recommend sticking with one agent (which is more about demonstrating loyalty than signing a formal contract). If a client compares every apartment I show to the similar but less expensive/better located one their other agent showed them, or if they tell me they love a particular apartment and say that I was very helpful but they want to meet with some other agents “to get a better feel for the market,” I will be less inclined to help them because there's a good chance they’ll rent through another agent, and I won't get paid.

How do I haggle down the fee?

There is perhaps nothing more agonizing and frustrating than a client who aggressively negotiates the fee. Real estate agents provide a professional service. I find it mind-boggling that clients find it acceptable to haggle, when they would never think of negotiating legal, medical, or other similar fees.

That said, if you are dead set on paying less than the full fee, I recommend the following technique:

Go out with your agent a few times over a couple of weeks, but change up what you’re looking for just enough each time, ensuring the agent works like a dog to find you a place. Eventually, get approved for a rental. (Your agent will breathe a sigh of relief.) Then, the morning of the lease signing, call and say you refuse to pay more than a month’s rent as the fee. He will hate you forever, and you definitely won’t get him down to a month’s rent, but you will likely be able to negotiate a lower fee. Note, however, that the agent will probably never work with you again, and he will most definitely talk about how awful you are with the other agents at his office.

What exactly is a “no-fee” apartment?

There is no such thing as “no fee” when working with a broker. When you see an apartment listed as “no fee,” it really means “no fee for you.” With these apartments, landlords cover the broker’s fee to entice agents to show the apartment, and tenants to rent there.

Sounds like a sweet deal, right? Not so fast. In such a tight rental market with low vacancy rates, it’s best to do some research before jumping on a no-fee. There’s usually a catch: sometimes the apartment is in an undesirable neighborhood or a not-so-great building that’s trying to seem nicer than it is. (There are a few of these in East Harlem that were notorious among agents, such as Riverview and the Miles and the Parker). In other cases, the apartment has a weird layout with bad lighting or other problems. Some landlords will also offer to pay the fee, but only if you lock yourself into a two-year lease.

The principal exception to this is fancier new developments, which are simply trying to get all of their units rented out as quickly as possible.

More from Brick Undergound: 

• The 8 best websites for finding a no-fee apt in NYC
• How to rent a NYC apartment
• Rent Coach: Broker fee confusion
• A rental broker confesses--and yes, all your worst fears are confirmed

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There are enough real estate agent horror stories out there to make prospective renters, buyers, and sellers feel overwhelmed at the prospect of finding the right match to represent them. (Just consider this confessional essay from an ex-broker, who owns up to some rather shady deals.)

Fortunately, you don't have to settle for someone who won't advocate for you, as long as you know how to spot the heroes from the zeros. We spoke with three real estate experts to find out which qualities to look for when hiring an agent. It turns out that choosing the right one for you is a lot like dating—though fortunately, no long-term commitment is required.

What to look for in a broker

A personality that doesn't clash with yours. Just as you might do on a blind date, one of the first things you should consider with potential agents is chemistry. If you have difficulty relating to each other from the outset — for example, you find the agent terse and hurried in his or her interactions with you while you need more time and patience — this does not bode well for the long-term, and it's worthwhile to keep searching until you find someone with whom you mesh. Keep in mind that you'll be sharing private financial information with this person, and as in a romantic relationship, trust is essential.

Leonard Steinberg, president of Compass, says that it pays to ask yourself if the agent is someone you want representing your interests. "It’s best to like them from the get-go," he says, noting that if you don’t find an agent likable in an initial meeting, he or she will become downright loathsome throughout the process of buying or selling a home, which can take many months.

Though hard to measure, personality is key, agrees Eric Hamm, a senior managing director at Citi Habitats. "I can teach someone where to go, how to learn inventory, and how to market, but I can’t teach personality," he says. "I can hire five people and teach them the same things, and some will do really well and some just don’t." 

So how does one pinpoint such an elusive quality as character? This is where some introspection comes in handy: Reflect on the qualities you admire in friends and colleagues, and seek those out in agents. Hamm and Steinberg both advise trusting your gut; on a more tangible level, Steinberg suggests: "Sit down with them. Look them in the eye, notice their body language, how they speak, the content and tone of what they say." All these verbal and non-verbal cues should add up to a strong portrait of the agent’s personality.

A proven track record. Common sense would dictate avoiding an agent who’s completely green, but that doesn’t necessarily mean a brokerage’s most seasoned employee will be the best fit, either. Shaun Osher, founder and CEO of CORE, points out that the most experienced agents may also be the busiest ones, more likely to pass off your search or sale to a substitute. "Hire someone who has the time, passion, hunger, and desire to make your property their primary focus," he says.

Steinberg agrees: "There are young brokers who are good at what they do, so don’t hold a lack of experience against them," he says. "But track record does tell you a lot. Precedence and history are very helpful."

A personal reference can steer you in the right direction, but if friends and relatives don’t have any recommendations, don’t be shy about asking the broker for the contact information of his or her past clients. In essence, a broker is helping you navigate a decision about shelter, one of the most fundamental human needs, and it’s crucial to hear the details about how they’ve done so for others in the past.

"Make that call," Osher says. "Just as you'd vet an attorney or a doctor, use the same rules to vet an agent."

Online reviews are worth a look, too — many of the same sites that run real estate listings also have some very frank feedback about agents.

The ability to educate you about the process and keep you informed. Experienced agents sometimes forget that while the ins and outs of buying, renting, or selling a property are familiar to them, for most people, it's a process they only undergo once every few years. For the uninitiated, it’s essential to find an agent who communicates clearly and thoroughly with you, is easily reachable, and responds to questions in a timely way.

"The agent is your face to the community, and your conduit for all information," Osher points out. "Not only does information need to be presented in the right way, but also accurately represented."

Hamm says that the majority of complaints he has heard about agents has to do with lack of communication: either the agents are hard to get in touch with, or when the clients do reach them, they provide short, incomplete answers rather than detailed explanations.

Attention to detail will reveal hints as to the broker's interpersonal skills early on. For instance, check how the broker presents his or her listings online, noticing level of quality and consistency; grammar and word choice matter, too. And turn a critical eye toward how they write or speak to you, as well. Steinberg suggests asking yourself, "If they reached out to me anonymously, how did they do so? Did they do so elegantly or in a trashy way? That will be a clear indicator as to how they'll represent you in the world."

A reputable firm. The individual agent isn't the only one worth investigating; the firm he or she works with is, too. "Each brokerage as its own culture that it instills in its people," says Hamm. "Some are just looking for a quick buck." He recalls a story about one brokerage that turned out to be operating from the fifth floor of a storage space — questionable digs to be sure — and notes that going into the firm's offices, rather than meeting the agent on the street, may be a good call. New York State's Division of Licensing Services licenses brokers and firms, and you can contact them to confirm credentials.

And some are up to much worse: Consider this recent story about an Astoria-based agent accused of taking prospective renters' deposits and failing to return them after deals fell through. The firm's owner previously did prison time for identity theft, but got right back into the real estate game after his sentence ended. He lost his license, but allegedly continued to falsely represent himself as an agent to clients. 

In looking at brokerages, it helps to get a sense of each one’s approach, and how it aligns with your own. "If you're attracted to the 10,000-pound gorilla and find comfort in size, go with someone aligned with a brokerage like that," Osher says. On the other hand, he adds, if you're intrigued by a more individualized and "bespoke" experience, a smaller company may be a better match.

Red flags

Fudging of facts. Given the importance of trust, any inkling of dishonesty in your agent is a reason to bail. Again, there will be early warning signs if a broker is being disingenuous. Hamm gives some basic guidelines: Listings should clearly detail the name of the broker and their firm, as well as any associated fees.

Additionally, if you find a property online that says it was listed by the owner, but when you call, find yourself speaking to a broker, you are already being deceived, Hamm warns. Another sign of deception is if a listing specifies that there’s no broker fee, but when you reach out, the agent claims the home is already rented but they have something similar which does entail a fee.

Dishonesty can also come in the form of making excessive promises, or expressing too much certainty as to the outcome of a deal, says Steinberg. Inconsistency between what an agent promises in an email and what they offer face-to-face should be taken as another warning sign.

"Before things got so transparent online, misleading clients was something that a lot of brokers got away with," Hamm recalls. Fortunately, nowadays there are so many people to choose from, "there’s no need to work with someone who’s playing bait-and-switch games," he says.

Asking for cash. An agent asking to be paid in cash could be a red flag. According to Hamm, most brokerages have moved to accepting fees via money orders or certified checks, and some take credit cards for deposits and application fees. "There are still some owners who will say they want cash for application fees or deposits," Hamm says, "but it needs to be well-documented so there’s transparency there." 

A broker who doesn’t put every transaction in writing, then, should raise your hackles: Where your money is going and who is accepting it needs to be documented, Hamm says, citing cases in which prospective renters put down deposits, didn't get the apartment, and were never refunded because there was no paper trail. 

Also remember that the standard broker fee on a rental should be no more than 15 percent of a year’s rent, according to Revaluate — and it may be lower than that in the outer boroughs (as little as 8.5 percent, says Urban Edge.) So if your broker’s fee exceeds that amount, something may be fishy.

Lack of specialization. Hire a broker who has a close familiarity with the neighborhood you're searching or selling in, say our experts: "In NYC, the jack-of-all-trades can turn out to be the master of none," Hamm says.

In other words, if an agent claims that he or she can show you properties anywhere in the city, be skeptical. Ask the agent questions about the area you're interested in to get a sense of their level of expertise; if they have to go back and look many things up, they may not know the inventory in that neighborhood very well.

That said, Steinberg says he'd prefer someone who is honest when they're unsure about something, rather than bluffs a wrong answer. After all, New York neighborhoods undergo a near-constant metamorphosis, and it can be tricky to stay on top of every new development.

Overall, Steinberg says, likening the broker-client relationship to a romance, "Be careful not to be too judgmental on a first date. Going on a second date is a good idea to see if those were real concerns, or excessive concerns."

Bottom line: Given the importance of a decision about where you'll live, the best policy is to weigh your agent options carefully and thoughtfully. It pays to be picky. 

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New York City real estate brokers don't have a great reputation. Most people cringe at the thought of working with them while searching for a new apartment.

Luis D. Ortiz, top New York City broker and star of Bravo's "Million Dollar Listing New York," understands the sentiment and has sympathy for fed-up buyers. He gave us some insider tips for identifying the honest brokers in a sea of lazy, unreliable ones.  

Season 5 of Bravo’s “Million Dollar Listing New York” premieres on Thursday, April 21 at 9 p.m. with a special 90-minute episode.

Produced by Justin Gmoser and Arielle Berger 

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Fredrik Eklund, the star of Bravo's "Million Dollar Listing" and a leading broker in New York City, is great at sealing deals.

In his 10 years in business, Eklund has closed on more than $3.5 billion in real estate.

He was also named the No.1 real estate agent in New York City by The Real Deal in 2014. 

"For any deal to happen — especially a business transaction — the two sides need to get in a balance," Eklund advises in his book, "The Sell: The Secrets of Selling Anything to Anyone."

"My firsthand experience negotiating billions of dollars in deals has taught me what works and what doesn't," he writes.

Here are 10 tips Eklund outlines in "The Sell" on how to negotiate and seal any deal:

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1. Figure out the bottom line and use it to your advantage

According to Eklund, the bottom line is the "absolute worst deal you'd be willing to make" and should be an indicator of when to walk away before you invest your time and energy.

He writes:

The suggestion of walking away brings the negotiation to a screeching halt... My hope is that they will call me back or suggest another idea. If they do, my dance has paid off. If they don't, I walk from the room, leave the meeting, and consider another strategy to keep the negotiation from actually hitting the floor.

"I call it dancing close to the edge," he writes.

2. Don't give people what they want right away

"When I'm on a listing pitch, I never give my clients the price right there and then," Eklund writes. 

According to Eklund, making clients wait a few hours to get the price of a property gets them a little frustrated, making them want what he's selling even more, and puts him in control. It also accomplishes three other things. 

He writes: 

1. It has made them want it, and therefore me, my services, more.

2. It is in writing, which makes it more solid, and in our world more true, like there is nothing else really to discuss. Putting it in writing basically says, This is the price, and I'm not asking for your thoughts on it. 

And 3. Since it took so long, the impression is that there must be a lot of thought, knowledge, and research behind.

"As long as the waiting is whetting the appetite and not starving them to death, it strengthens your position," Eklund writes.

3. Negotiate in person 

People are more connected to their phones and computers than ever, making it hard to even get them to meet in person. But it will be more effective when you do. 

"A great negotiator, when needed, uses his emotions, family, heritage, spirituality, body language, fashion, sexuality, humor, and everything else in between to win, to make a deal happen," Eklund writes.

However, if the phone is your only option, Eklund highlights the importance of having an agenda, knowing what you want out of the call before making it, and using few words.  

A millennial herself, Boston-based real estate agent Dana Bull understands the proclivities of many of today's first-time homebuyers.

The 27-year-old bought her first property — a condo in Salem, Massachusetts — with her now-husband five years ago. They discovered at the time that it was actually more affordable to buy, in terms of monthly payments, than it was to rent, Bull told Business Insider.

But eventually, the pair decided to move to Boston and rented out their condo to tenants. Soon, that passive income was enough to cover their $3,600 rent in Boston, and they became amazed by the pay off in real estate investing.

Today, they own six homes and 18 apartments in Boston and the North Shore.

But Bull, who left her job as a marketing consultant over a year ago to become a realtor, recognizes that buying a home for the first time — whether to live in or rent out — can seem intimidating.

"[Young people] are very fearful of making the wrong step and I do think that, in general, there's this fear of growing up, of making these big decisions, because it means you are officially an adult. And it's not that scary," said Bull, now a realtor with Sotheby's International.

One way to reduce the intimidation of shopping for your first home is to narrow your focus. Bull said a common mistake she sees among millennials is getting distracted by the small stuff.

"I try to educate my buyers that it's not about the stainless steel, it's not about the granite or marble countertops, you would be surprised at how affordable some of those finishes are to put in," she said.

Instead, Bull says, you should really be looking at the "infrastructure and big-ticket items ... [like] roofs, plumbing, electrical," especially in areas with older, historic properties, like Boston.

"[I'm] kind of training my buyers' eyes on craftsmanship quality and what certain things cost," she said. "For new buyers, they have no idea what a new countertop costs. So it's kind of this whole educational experience of, 'You know, that's a lot cheaper than having to replace your heating system.'"

In the end, you'll get better bang for your buck if you're buying a property based on its bones rather than its flourishes.

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Dana Bull and her husband bought their first home, a condo in Salem, Massachusetts, just nine months after graduating college.

But after deciding they wanted to be in Boston instead, where most of their friends were living at the time, they rented out the condo and used the income to cover rent and expenses in the city.

"[I]n our first two months of being landlords we had a mouse problem and one of the guys put a shot glass down the disposal, so we had our first taste of it [then]," Bull, now a realtor with Sotheby's International, told Business Insider.

"But ultimately, we were like 'You know, it's frustrating to have to deal with the maintenance and have this whole other thing that we have to worry about ... but it's a lot easier than our full-time jobs, which are extremely time-consuming and stressful ... so we started thinking, 'Hey, maybe there's something here,' and that was really where it all started."

Today, the couple earns passive income from their six homes and 18 apartments in Boston and the North Shore.

Despite working in one of the most expensive rental markets in the world, Bull says there are four important things every investor should consider in a rental property, regardless of location.

1. Projected income

If you're getting into real estate investing, you're probably hoping to get a nice return. But at the bare minimum, you want to cover that monthly mortgage payment. So how much rent should you plan on charging? Bull says she always goes by the 1% rule.

"Basically ... if you are buying a property for $400,000, your hope is to ultimately be able to get $4,000 a month in rent. So that's where you get that 1%. You're buying for $400,000 and your monthly income is $4,000," she said.

In some parts of the country, where property is less expensive and rents are higher, she says you may want to go by the 2% rule.

2. Current tenant situation

One of the first things to take note of at a potential investment property is the tenant situation. You don't want buy on a whim and get stuck in a nightmarish situation.

"What's going on ... Are they tenant at will? Are they under market? Do they pay? Get some clarity around that," she said. "Some of these properties, they get really bad in terms of hoarders and just mis-managed, bad situations. So try to wrap your head around what's going on there."

3. Overall condition

"It's impossible to find a perfect property," Bull says, so be aware of what needs fixing and whether you're prepared to shell out the money and time to get it done.

"A new roof? OK it's expensive, but it's not hard to do. It can be done in a matter of a week or two," she said. "Re-plumbing an entire house? That's a different story."

4. Utilities

If you're looking at multifamily property, like an apartment building or a duplex, you'll need to find out if the utility systems, like water and electric, are separate for each unit or lumped into one, she said.

You're in the clear if the systems are separate, but if they're not, then you'll likely have to pay to separate them or foot the bill every month for the whole building.

SEE ALSO: An HGTV star who's invested in over 100 properties explains how to tell if a fixer-upper is a great deal — or a money pit

DON'T MISS: A realtor who works with first-time homebuyers reveals a common mistake millennials make when they're house shopping

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